Ken Venick

Phone: 443-471-4310

ken@kenvenick.com

Owings Mills & Lutherville Mortgage
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  • The FHA 203(k) Rehabilitation Mortgage

The FHA 203(k) Rehabilitation Mortgage

June 21, 2017Leave a Comment Written by Ken

FHA 203(k) Rehabilitation Mortgage

The FHA 203(k) Rehabilitation Mortgage is an easy to use mortgage program specifically designed for those who wish to make improvements on an owner-occupied home they own or would like to buy.

Rather than having to obtain a separate loan to finance the cost of repairs (or walking away from a home they love because they don’t have the cash for home improvements), the FHA 203(k) Rehabilitation Mortgage allows you to finance the rehab costs within the first mortgage!

FHA STANDARD 203(k)

The FHA Standard 203(k) Rehabilitation Mortgage is used to purchase or refinance a home that needs structural rehabilitation or major repairs in excess of $35,000. A HUD Consultant is required for FHA Standard 203(k) transactions.

PROGRAM HIGHLIGHTS

  • Structural changes are allowed
  • $5K minimum & no maximum repair amount
  • Landscaping & hardscaping allowed
  • Max completion time: 180 days (6 months)
  • Manufactured homes allowed

FHA LIMITED 203(k)

The FHA Limited 203(k) Rehabilitation Mortgage is used to purchase or refinance a home that needs minor and/or non-structural rehabilitation where the total cost of improvements do not exceed $35,000. A HUD Consultant is not required for FHA Limited 203(k) transactions.

PROGRAM HIGHLIGHTS

  • Minor remodeling
  • No minimum & up to 35K in repair amount
  • HUD consultant not required
  • Max completion time: 90 days (3 months)
  • Manufactured homes allowed

Contact me today to learn more!

Ken Venick | Vice President

Direct: 443-471-4310

Call: 410-598-9410

kvenick@equitymortgagelending.com

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Ken Venick

NMLS 138175

Equity Mortgage

NMLS# 128519

66 Painters Mill Road Suite 202
Owings Mills, MD 21117
Phone: 443-471-4310
ken@kenvenick.com
Licensed in Maryland, Delaware, Washington DC, Pennsylvania, New Jersey, North Carolina and Florida

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